President Donald Trump said Federal Reserve Chair Jerome Powell's termination from his position can't come quickly enough, arguing that the US central bank should have lowered interest rates already this year, and in any case should do so now.
Trump, derisively nicknaming the Fed chairman he nominated in his first term as "Too Late," wrote in a post on his Truth Social platform Thursday morning that "Powell's termination cannot come fast enough!"
It was not immediately clear if the post meant Trump was referring to the scheduled end of Powell's term, or if Trump was seeking to remove Powell as chair. The White House did not immediately respond to a request for comment.
Powell's term as chair runs into May 2026, while his term as a governor lasts until February 2028.
The latest broadside from Trump on the Fed recalls criticism he heaped on Powell during the president's first term, and may revive the debate in Washington about the central bank's independence from the White House. Trump's moves to ramp up tariffs on the rest of the world have raised concern about slowing domestic growth and price increases, making the Fed's policymaking all the more challenging.
ECB Comparison
Trump's remarks came just before the European Central Bank was expected to cut interest rates for the seventh time, moves that Trump mentioned in his post.
"And yet, ‘Too Late' Jerome Powell of the Fed, who is always TOO LATE AND WRONG, yesterday issued a report which was another, and typical, complete ‘mess!' Trump wrote.
He added that oil and grocery prices are down, and that the US is "getting RICH" on tariffs.
In a speech Wednesday at the Economic Club of Chicago, Powell reiterated that the Fed must ensure tariffs don't trigger a more persistent rise in inflation.
"Our obligation is to keep longer-term inflation expectations well anchored and to make certain that a one-time increase in the price level does not become an ongoing inflation problem," Powell said.
US stocks extended losses following Powell's remarks, though futures were up Thursday morning.
Source : Bloomberg
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